News

DUBAI / WAM Dubai’s Emirates Airlines has announced it will resume its A380 service to Moscow Domodedovo Airport (DME) following an increase in market demand. “The airline resumed flights to the Russian capital last week and due to strong passenger demand, its iconic Emirates A380 will operate the Dubai to Moscow route starting September 18,” Emirates said in a statement. ...

Ajman / WAM The Ajman Chamber of Commerce and Industry (ACCI) announced that it has signed a Memorandum of Cooperation with “elGrocer”, to optimally utilise the capabilities of the two parties to serve entrepreneurs, particularly in the field of e-commerce to ensure the growth and development of their business through technologies available. “elGrocer” is an electronic platform that acts as ...

Bloomberg Alibaba Group Holding Ltd is in talks to invest $3 billion in Southeast Asian ride-hailing giant Grab Holdings Inc, according to people familiar with the matter. The Chinese e-commerce giant, a sole investor in the round, will spend a portion of the funds to acquire some of the Grab stock held by Uber Technologies Inc, one of the people ...

Bloomberg Hong Kong announced HK$24 billion ($3.1 billion) in virus relief stimulus and will lift some social distancing restrictions as the city’s economy suffers from a recession prompted by protests and Covid-19. The government will spend HK$4.5 billion to help affected industries, HK$13 billion on virus prevention measures and HK$6 billion on rent concessions, Chief Executive Carrie Lam and senior ...

Bloomberg Former Nissan Motor Co director Greg Kelly pleaded not guilty to charges of helping former Chairman Carlos Ghosn hide millions in compensation, vowing to prove his innocence in a trial that’s starting almost two years after their arrests in Japan and in the absence of the main suspect. “I deny the allegations,” said Kelly, when asked by the judges ...

Bloomberg Douyin, the Chinese-market version of ByteDance Ltd’s TikTok video-sharing app, surpassed 600 million daily active users in August, rising from 400 million at the start of the year. The service has produced 41.7 billion yuan ($6.1 billion) in revenue for more than 22 million creators over the past year and the company intends to spend $1.5 billion in a ...

Bloomberg Toyota Motor Corp won’t expand further in India due to the country’s high tax regime, a blow for Prime Minister Narendra Modi, who’s trying to lure global companies to offset the deep economic malaise brought on by the coronavirus pandemic. The government keeps taxes on cars and motorbikes so high that companies find it hard to build scale, said ...

Abu Dhabi / WAM Abdul Rahman bin Mohammad bin Nasser Al Owais, Minister of Health and Prevention, announced that the UAE has authorised the emergency use of the Covid-19 vaccine; making it available to those first line defence heroes, who are most at risk of catching Covid19, protecting them from any danger that they may be exposed to due to ...

Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc) announced on Monday that it has successfully completed a placement to institutional investors of 1.25 billion shares in Abu Dhabi National Oil Company for Distribution PJSC, Adnoc Distribution, which are listed and traded on the Abu Dhabi Securities Exchange (ADX). This represents 10 percent of Adnoc Distribution’s total share capital. ...

Bloomberg Saudi Aramco is once again the world’s most valuable company after its market capitalization rose a shade above Apple Inc. amid a slump in US technology shares. The state oil giant’s stock gained 1.1% in Riyadh this month, despite Brent crude dropping 12% to below $40 a barrel as concerns about an acceleration in coronavirus infections mount. Meanwhile, Apple ...